The Fraser Valley real estate market is changing and understanding what that means for sellers is crucial, says realtor Michele Cummins.

Is a home sale in your plans? The right strategy is crucial is a shifting market

Fraser Valley expert shares insight on the future of local real estate

In a rapidly changing Fraser Valley real estate market, an experienced realtor is crucial.

“The market is shifting and sellers need to be prepared and understand where prices are going,” explains realtor Michele Cummins, Personal Real Estate Corporation at Cummins Real Estate Group with RE/MAX Little Oak Realty. “If you’re planning to sell, you don’t want to wait and find yourself chasing the market.”

Several factors are affecting what has been a strong seller’s market for several years.

The federal government’s new stress test restricting the debt load home buyers can carry came into affect Jan. 1, typically reducing allowable mortgages by about 15 to 17 per cent, Cummins explains. Because prospective purchasers may have had a 90-day pre-approval in place, the real effects of this change only began to be felt more recently.

Also affecting the Fraser Valley in particular is the expansion of the Foreign Buyers Tax to Abbotsford and Mission, Cummins says. Further, the tax was raised to 20 per cent from 15 per cent, affecting homes sold after Feb. 21.

Finally, the B.C. government’s new speculation tax also applies to residential properties in British Columbia’s largest urban centres – including Abbotsford, Chilliwack and Mission.

“Every five to 10 years, we see a three-year spike in home prices, and now we’ll see a correction to more of a balanced market, or even a buyer’s market,” predicts Cummins, who brings 14 years of experience and a proven record as RE/MAX’s No. 1 selling agent in the Fraser Valley.

That means that smart sellers will find an experienced, knowledgeable realtor to work with – and follow their advice on price point, says Cummins, the only certified luxury home realtor in the Fraser Valley, as well as a certified new home realtor and RE/MAX mentor who helps train others.

Whether you’re looking to earn top dollar when selling or secure the best price as a buyer, you need to build a solid foundation on knowledge and experience. Just as you trust your financial advisor, lawyer and doctor to each of their specialties, your realtor is your licensed and bonded real estate professional.

“A lot of people get stuck chasing the market at this point, which can end up costing them money. If your realtor has a good understanding of the market as it stands now – and where it’s going – you can price your home effectively.”

A calculated marketing plan for your home is also vital, says Cummins, emphasizing that doesn’t necessarily mean a scattered approach. “I do pride myself on my strategic marketing. No matter what type of property we’re listing, my focus is on exposing it to the right market – and the best, most motivated buyer for your property who will bring you the highest dollar.”

Comments are closed

Just Posted

Mouat’s Benning signs with UFV wrestling

Benning one of 10 new recruits inked for the fall

Donation of more than $20,000 supports Shine On Legacy Fund

Fund created in memory of Abbotsford Police Const. John Davidson

Moms of those killed by illicit opioids take to B.C. Legislature in call for action

Moms Stop the Harm, a nationwide network of families who have lost loved ones to overdoses rally

PHOTOS: Black bear gets curious on Lower Mainland driveway

Joe Wu captured photos of the animal wandering in Surrey

83-year-old inmate dies at Mission Institution

Correctional Services Canada says Ralph Whitfield Morris died in custody

VIDEO: Canadian toddler caught practising hockey skills in crib

Eli Graveline is getting praise from far and wide as the internet freaks out of cute throwback video

VIDEO: Plane crashes in Langley farm field (updated)

Plane lost power shortly after takeoff, RCMP told

B.C. teacher ends Jeopardy! winning streak, taking home US$69,000

Ali Hasan, from New Westminster, has been gaining fans as a “one-man invasion,” says Alex Trebek

1 man in critical condition after ‘serious’ stabbing in Downtown Eastside: police

Vancouver police say there was an altercation and stabbing appears targeted

Jett Woo highlights 5 Canucks choices on Day 2 of NHL entry draft

WHL star out of Moose Jaw tabbed in Round 2

In a matter of hours, women in Saudi Arabia will be allowed to drive

Change was announced as a royal decree in 2017 by Crown Prince Mohammen bin Salman

Seal pup rescued near White Rock pier

Animal was moving and “barking” when rescue crews arrived

Feds announce measures to protect endangered whale species

Canada’s Whale Initiative is part of the federal government’s $1.5 billion Ocean Protection Plan

COC session vote approves Calgary as potential host for 2026 Olympics

Scott Hutcheson, chair of Calgary’s Olympic bid corporation — called vote a positive step forward

Most Read